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In addition to housing, the regeneration project will include retail and leisure facilities, business space, industrial units and a new care home.

Located between Glenrothes and Markinch, the historic paper mill was closed down after employee-owned Tullis Russell went into administration in April 2015. A total of 374 people lost their jobs as a result.

The company's collapse came just a month after the official opening of a £200m biomass facility designed to meet the paper maker's electricity and steam requirements. Owned by German energy firm RWE, the biomass plant continues to operate, with RWE currently demolishing a section of the old mill to clear way for a new £20m district heating project for Glenrothes.

The plans put forward by Advance Construction include an extension to Riverside Park, which will see the reclamation of an unused brownfield site to create another park connecting the new district to the town centre.

Two public consultations will take place this week to give residents a “first look” at the plans. They will run from 1pm to 8pm on 7 and 8 December at the Rothes Hall, with representatives of Advance Construction, lead consultants Barton Willmore and design partner Fairhurst on hand.

Lynsey Breen, development manager for Advance Construction, said the redevelopment will spark a regeneration for Glenrothes.

“Advance Construction's plans to deliver a significant number of new homes, together with creating new jobs, will signal a major transformation of the area over the coming years,” she said.

“It's an exciting project that will give Glenrothes the substantial economic boost it deserves, allowing it to continue to grow in the future.”

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Tullis Russell was founded in 1809, and was bought out by its employees in 1994. It made high-quality paper board used in cards, covers and premium packaging, but amassed losses of £18.5m during its final five years of trading amid intense competitive pressure that ate away its profit margins.

Advance Construction began trading in 1993 with a single digger and a handful of site personnel. Its revenues for 2017 are expected to break the £200m barrier.